{"id":13915,"date":"2018-01-01T13:17:33","date_gmt":"2018-01-01T07:47:33","guid":{"rendered":"http:\/\/blog.forumias.com\/?p=13915"},"modified":"2018-01-01T13:17:33","modified_gmt":"2018-01-01T07:47:33","slug":"an-updated-overview-of-indias-export-market","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/an-updated-overview-of-indias-export-market\/","title":{"rendered":"An updated overview of India\u2019s export market"},"content":{"rendered":"<p><strong><u>Context:<\/u><\/strong><\/p>\n<ul>\n<li>The Government of India is soon to announce the foreign trade policy review.<\/li>\n<li>A shift in India&#8217;s manufacturing and export strategy has been signalled.<\/li>\n<\/ul>\n<p><strong><u>What are the new strategies for India\u2019s manufacture and export market?<\/u><\/strong><\/p>\n<ul>\n<li>Commerce and Industry Minister Suresh Prabhu has signaled a shift in India&#8217;s manufacturing and export strategy with a focus on <strong>new emerging sectors such as genomics<\/strong>.<\/li>\n<li>The minister gives a thrust to export of <strong>goods that are not currently among the top ten items<\/strong> shipped out of the country.<\/li>\n<li>The Union Minister is banking on India&#8217;s political relationships with countries such as Cuba and many in Africa to push <strong>exports to new markets<\/strong>.<\/li>\n<li>The government will shortly announce the <strong>midterm review of the foreign trade policy<\/strong> to enhance the country&#8217;s export.<\/li>\n<\/ul>\n<p><strong><u>\u00a0What should India concentrate for a successful \u201cMake in India 2.0\u201d?<\/u><\/strong><\/p>\n<ul>\n<li>If the manufacturing in India needs to continue then there is a need to give a <strong>thrust to the exports.<\/strong><\/li>\n<li><strong>Increasing the price of crude<\/strong> could reduce our competitiveness sizably and affect the export of the country.<\/li>\n<li><strong>The appreciation in the rupee<\/strong> takes its hit straight away on the exports while increasing the imports and widening the current account deficit.<\/li>\n<li>Even though India has done well in Ease of Doing Business, but its <strong>cross border trade quantity is very low. <\/strong><\/li>\n<li>India should make a stronger bond with China for it is the chief <strong>supporter of free trade<\/strong>.<\/li>\n<li>The Centre should also <strong>back labour-intensive sectors<\/strong> and it should be of<strong> low technology and low cost.<\/strong><\/li>\n<li>The real reforms for should be made in <strong>the district and state<\/strong> level that has to <strong>drive employment. <\/strong><\/li>\n<li>There should be a <strong>global brand for exports.<\/strong><\/li>\n<li>The government should also keep a strict check on price rise.<\/li>\n<\/ul>\n<p><strong><u>What are the other sectors has been proposed for Indian export business?<\/u><\/strong><\/p>\n<ul>\n<li>At present India is exporting:<\/li>\n<li><strong>Engineering goods, <\/strong><\/li>\n<li><strong>Capital good and <\/strong><\/li>\n<li><strong>Gems and jewellery <\/strong><\/li>\n<li>But now, there is a need to focus on the <strong>sub-sectors<\/strong> of the present export sectors:<\/li>\n<li><strong>Automobiles and automobile components<\/strong> under engineering goods.<\/li>\n<li><strong>Labour intensive sectors<\/strong> in manufacturing and also in exports.<\/li>\n<li><strong>Textile sector <\/strong>has a lot of potential.<\/li>\n<\/ul>\n<p><strong><u>What are the major drawbacks in India\u2019s trade market?<\/u><\/strong><\/p>\n<ul>\n<li>Even though India has done well in Ease of Doing Business, but its <strong>cross border trade quantity is very low. <\/strong><\/li>\n<\/ul>\n<ul>\n<li>Indian has signed quite a lot of FTA\u2019s but <strong>without studying its Impact<\/strong>.<\/li>\n<li><strong>Due to foreign competition and unrestricted <\/strong>imports the upcoming industries in the country may collapse.<\/li>\n<li>The underdeveloped countries have to depend upon the developed ones for their economic development which leads to <strong>economic exploitation<\/strong>.<\/li>\n<li>Excessive exports may <strong>exhaust the natural resources<\/strong> of a country in a shorter span of time than it would have been otherwise.<\/li>\n<\/ul>\n<p><strong><u>Way ahead: <\/u><\/strong><\/p>\n<ul>\n<li>The government needs to put in money <strong>to push infrastructure<\/strong> if exports have to be increased.<\/li>\n<li><strong>Improvement in warehousing infrastructure<\/strong> would also counter inflation concerns due to seasonal factors such as poor monsoon rains.<\/li>\n<li>India needs to <strong>adopt an open, stable and reliable export policy<\/strong>.<\/li>\n<li>Abrupt export bans, high minimum export prices to restrict exports, or other quantitative restrictions on pulses, edible oils even on vegetables and cereals at times <strong>must give way to a policy not contradicting exports<\/strong>.<\/li>\n<li><strong>Liberalization of factor markets,<\/strong> especially land-lease markets, would also help in building more efficient and reliable export value-chains.<\/li>\n<li><strong>Long land-lease arrangements <\/strong>can facilitate private investments in building export-oriented global value-chains, generating rural non-farm employment and enhancing farmers\u2019 incomes.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Context: The Government of India is soon to announce the foreign trade policy review. A shift in India&#8217;s manufacturing and export strategy has been signalled. What are the new strategies for India\u2019s manufacture and export market? Commerce and Industry Minister Suresh Prabhu has signaled a shift in India&#8217;s manufacturing and export strategy with a focus&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/an-updated-overview-of-indias-export-market\/\">Continue reading <span class=\"screen-reader-text\">An updated overview of India\u2019s export market<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":13916,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-13915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-2","entry"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2018\/01\/exports-l-re.jpg?fit=1006%2C514&ssl=1","views":{"total":0,"cached_at":"","cached_date":1704866168},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/13915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=13915"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/13915\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media\/13916"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=13915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=13915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=13915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}